Valentino SOLD for $858 Million U.S.D.!!!
The brand has been sold to the Middle East to continue thriving, changing, and developing their market strategies.
Yes… you read this title correctly! The fashion powerhouse Valentino has been sold to Mayhoola for 700 million Euros, a.k.a. $858 million United States Dollars! The company Mayhoola is an investment vehicle that is backed from a group of private investors in the Middle Eastern Monarchy… it is common knowledge that Mayhoola is lead by the royal family of Qatar who just got a whole new wardrobe.
Photo Credit: froyonation
With this deal Mayhoola will now be the owner of 100% of Valentino SpA along side with the Missoni License business, while the MCS Marlboro Classics (from VFG) will stay under the rule of Red & Black (R&B also own the majority share in Hugo Boss out side of this transaction).
After the deal had occurred Valentino’s chief executive officer Stefano Sassi said that the investors had a high “level of ambition and strong desire to further develop the label. They took control not only of the brand, but also of the projects behind it.”
Despite the ownership changing Sassi will remain highly involved in the companies’ development along side the brands creative directors, Maria Grazi Chiuri and Pierpaolo Piccioli.
“After four intense years, a new phase opens up and we are offered a chance to push forward with additional resources,” he says.
A Spokesman from the investment company Mayhoola said “Valentino has always been a brand of unique creativity and undisputed prestige.”
The investment company is run from the Investment house Qatar which has its hands in many pockets including LLC, all of Harrods (bought for $2.20 billion in 2010), a 1.03% owndership in LVMH Moet Hennessy Lois Vuitton, 5.2% share in Tiffany & Co., 26% of the British supermarket J. Sainsbury (acquired in 2010), and has recently become the largest share holder in the French Media group Lagardére SCA with a whopping %12.7 percent stake.
The deputy chairman of Milan consultancy InterCorporate says that their company “recognizes the management’s work over the past few years, and it’s an injection of support and confidence in Sassi and the designers. These are investors a company such as Valentino deserved. They behave splendidly, and having seen their work with Harrods, it makes me think of this deal in a very positive way. If only there were more of these investors….There is an entrepreneurial strategy and they know the luxury sector.”